Unit Title: Process routine payments and receipts using a computerised system OCR unit number: C3 Level: 2 Credit value: 3 Guided learning hours: 20 Unit reference number:: A/601/3651 Unit purpose and aim Upon the completion of study for this unit, it is intended that the candidate will be able to: Understand the business and computer environment Enter transactions into the nominal ledger Correct transaction errors Process salary journals Carry out reconciliations to verify information generated Produce reports using relevant selection criteria and parameters The learner will: The learner can: 1 Be able to enter and/or restore data using a computerised accounting package 1.1 Enter and/or restore data accurately, for example:- Company name and address Financial year Program date Nominal accounts VAT scheme Enter, restore or amend: Company name Company address Financial year Program date Nominal account reference Nominal account name VAT Scheme OCR 2010 Oxford Cambridge and RSA Examinations 1
2 Be able to process petty cash payments and receipts 2.1 Introduce or restore and/or increase a petty cash float Introduce a petty cash float Calculate the balance Restore and/or increase a petty cash float 2.2 Enter petty cash voucher and receipt details ensuring that they are coded to the correct nominal code Voucher or receipt: Bank account Processing type: payment, receipt or transfer Reference Date Nominal account Details 2.3 Calculate the tax element (eg VAT) where the gross amount and rate of tax is given, for both payments and receipts Voucher or receipt: Gross amount Net amount Tax (VAT) code Tax (VAT) amount 3 Be able to process noncredit payments and receipts 3.1 Process cash and cheque payments and receipts for expenditure and income made on a non-credit basis Identify: Bank/cash account Processing type: payment, receipt or transfer Reference Date Nominal account Details 3.2 Process recurring payments and receipts such as direct debits, standing orders, credit transfers, etc Standing order Direct debit Credit transfer Bankers Automated Clearing Services (BACS) Bank Giro (BGC) Clearing House Automated Payments System (CHAPS) Electronic transfers 2 OCR 2010 Oxford Cambridge and RSA Examinations
3.3 Calculate the tax amount (eg VAT) where the gross amount and the rate of tax is given, for both payments and receipts Gross amount Net amount Tax (VAT) code Tax (VAT) amount 4 Be able to correct transaction errors 5 Be able to process salary journals 6 Be able to carry out bank reconciliation 4.1 Make simple corrections to nominal ledger transactions, for example:- changes of account references amounts tax codes 5.1 Enter details from wages and salary information provided including: Gross wages and salaries Net wages and salaries Statutory deductions owed to HM Revenue & Customs Payments to the Collector of Taxes Non-statutory deductions 6.1 Match individual items on the bank statement against the computer bank record Correction of: Bank/cash/petty cash account Reference Nominal account Net amount Tax code Tax amount Gross wages and salaries Net wages and salaries PAYE (Pay As You Earn) National Insurance Pension schemes SAYE (Save As You Earn) Charity payments Internal club payments/savings Enter the date Enter the statement end balance Identify and match bank statement cheques Identify and match bank statement deposits Identify and match recurring entries Update nominal ledger Flag matched items as reconciled 6.2 Update the computer bank record with additional items from the bank statement Update the bank record with: Direct debit Standing order Credit transfer Bank charge OCR 2010 Oxford Cambridge and RSA Examinations 3
Bank interest Bankers Automated Clearing Service (BACS) Bank Giro (BGC) Clearing House Automated Payments System (CHAPS) Electronic transfers 7 Be able to produce reports using selection criteria and parameters 7.1 Produce a variety of routine reports using correct selection criteria and parameters, for example:- Bank receipts day book Bank payments day book Cash receipts day book Cash payments day book Bank Receipts and Payments Day Books Cash and Petty Cash Activity Reports Reconciled and unreconciled transaction report Bank statement Nominal Account Histories/Activity Reports Bank Statement Cash and petty cash activity report Nominal account activity report Audit Trail Audit trail Trial Balance Trial balance Assessment Assessment will consist of candidates producing specified printed reports within a 2 hour assignment set and marked by OCR. There will be 10 minutes reading time before the 2 hour assignment starts. The assignment may be taken at any time convenient to the centre and candidate, but must be taken under examination conditions. Results will be graded Pass or Fail. Evidence requirements Candidates must complete the OCR assignment for this unit within the designated fault tolerances. Candidates must carry out all their own printing. Guidance on assessment and evidence requirements The assignment is not software specific. Candidates must use the nominal accounts specified and must not create, amend or use any other nominal accounts unless instructed to do so. Candidates must ensure their name is shown on each submitted report. 4 OCR 2010 Oxford Cambridge and RSA Examinations
A copy of the Tutor Set-up must be sent with each completed batch of scripts dispatched to the Examiner-Moderator. All elements included in the Knowledge, Understanding & Skills section can be included in the Assignment, but may be varied from one assignment to another. Details of relationship between the unit and national occupational standards This unit was developed from the national occupational standards for Accountancy and Finance. Resources Equipment: Bookkeeping/accounting software that enables candidates to meet the assessment criteria. OCR will not make allowances for software that does not permit candidates to achieve the objectives as specified. Printer Stationery: A4 plain paper will be required Administration guidance In order to ensure that the equipment will allow candidates to meet the assessment criteria, centres must ensure that tutors work the assignments in advance of assessment, using the chosen software and hardware. Additional information For further information regarding administration for this qualification, please refer to the OCR document Admin Guide: Vocational Qualifications (A850) on the OCR website www.ocr.org.uk. OCR 2010 Oxford Cambridge and RSA Examinations 5